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Management Accounting of Williams Performance | Report

   

Added on  2020-02-03

19 Pages5003 Words72 Views
MANAGEMENTACCOUUNTING

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P1Explaining management accounting and essential requirement for different types ofaccounting system........................................................................................................................4P2 Different methods used for management accounting reporting.............................................6TASK 2............................................................................................................................................8P3 Calculating cost using appropriate techniques of cost analysis for preparing incomestatement of marginal and absorption costing.............................................................................8Difference between marginal and absorption costing................................................................11TASK 3..........................................................................................................................................12P4 Explaining advantages and disadvantages of different types of planning tools for budgetarycontrol of Williams Performance Tenders................................................................................12P5 Comparing how organizations are adapting the management accounting system to respondthe financial problems................................................................................................................17CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................20

INTRODUCTIONThe management accounting is developed to meet the specific internal management needfor taking quick decision, allocation of resources and capacity utilization. Along with that,customer value and internal business processes are used under management accounting throughwhich business objectives can be accomplished. The present report is based on WilliamsPerformance Tenders which deals in boat manufacturing. This organization is operating with 36workforce in financial year 2011. It applies several concept of management accounting andvaried methods applied for reporting of the same. In addition to this, advantages anddisadvantages of different types of planning tools applied under the budgetary control have beenexplained. Moreover, ways to determine the success of the business by responding the financialproblem has been explained.TASK 1P1Explaining management accounting and essential requirement for different types of accounting systemThe management accounting refers tot he process of preparing management report so asto fulfill the short ass well as long term objectives of the business. It is helpful for corporation totake the financial and statistical decision whereby firm can identify, measure and internal as wellas communicate the information among respective parties to meet the set objectives. WilliamsPerformance Tenders applied management accounting to fulfill the below mentioned objectives-Forecasting the future-With the help of management accounting report, companyforecast related to investment activities and diversification as well as expansion inanother country. This proves to be effective to cater the requirement of all related partiesand support business to accomplish long as well as short term objectives (Kaplan andAtkinson, 2015).Forecasting cash flows-The management accounting report of Williams PerformanceTenders aids to take the decision related to future cash flow on the basis of budgets, andtrend chart. This proves to be effective to allocate the financial resources on rightbusiness activities and gather profitability to meet specific objectives of the business.

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